Oak Ridge Investments LLC Has $6.25 Million Holdings in Credo Technology Group Holding Ltd. $CRDO

Oak Ridge Investments LLC decreased its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 19.3% in the third quarter, Holdings Channel reports. The fund owned 42,910 shares of the company’s stock after selling 10,247 shares during the period. Oak Ridge Investments LLC’s holdings in Credo Technology Group were worth $6,248,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the business. First Horizon Corp acquired a new stake in Credo Technology Group in the 3rd quarter valued at approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in Credo Technology Group during the second quarter worth $27,000. Park Place Capital Corp acquired a new position in Credo Technology Group during the 3rd quarter valued at $41,000. Wolff Wiese Magana LLC boosted its holdings in Credo Technology Group by 200.0% in the 2nd quarter. Wolff Wiese Magana LLC now owns 450 shares of the company’s stock valued at $42,000 after purchasing an additional 300 shares during the period. Finally, Cullen Frost Bankers Inc. grew its position in Credo Technology Group by 278.4% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company’s stock worth $44,000 after purchasing an additional 348 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, December 4th. Barclays reaffirmed an “overweight” rating and issued a $260.00 price target on shares of Credo Technology Group in a report on Thursday. Roth Capital lifted their price objective on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 price target on shares of Credo Technology Group in a research note on Wednesday, October 1st. Finally, Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $220.42.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $150.97 on Friday. The company’s fifty day moving average is $152.88 and its 200-day moving average is $139.06. Credo Technology Group Holding Ltd. has a 52 week low of $29.09 and a 52 week high of $213.80. The company has a market capitalization of $27.27 billion, a PE ratio of 132.43 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm’s quarterly revenue was up 272.1% on a year-over-year basis. During the same period last year, the firm posted $0.07 EPS. On average, analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $171.23, for a total value of $8,561,500.00. Following the transaction, the chief executive officer owned 1,942,502 shares of the company’s stock, valued at approximately $332,614,617.46. The trade was a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Monday, October 27th. The shares were sold at an average price of $156.32, for a total value of $8,597,600.00. Following the completion of the sale, the chief technology officer owned 6,668,961 shares of the company’s stock, valued at approximately $1,042,491,983.52. This trade represents a 0.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 1,090,476 shares of company stock worth $167,418,363. 11.84% of the stock is currently owned by insiders.

Credo Technology Group Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.